Cardone Capital buys two apartment properties in Houston

A Florida-based real estate investment company recently purchased two multifamily complexes in Houston.

Cardone Capital, out of Aventura, Florida, has agreed to purchase The Heights Collection, which comprise of two Class-A apartment properties that contain 646 units. The complexes offer one- and two-bedroom floor plans.

The apartments include the eight-story, 337-unit 15th Street Flats at 1414 N. Shepherd Dr. completed in 2021 with one- and two-bedroom floor plans ranging from 638 to 1,273 square feet and the eight-story, 309-unit Heights Waterworks at 515 W. 20th St. with one- and two-bedroom floor plans ranging from 600 to 1,265 square feet.

Amenities include a rooftop pool, social and business lounges, a private dining room, outdoor living spaces with alfresco dining, outdoor kitchen with a pizza oven, direct-access elevators and courtyard.

The investment company is headed by Grant Cardone with the company already the proprietor of over 800 units in Houston area before its most recent move that has almost doubled Cardone Capital's holdings in the city.

The Heights Collection include high tier amenities, such as a rooftop pool, a pizza oven outdoors, a gym and private lounges.

Houston has seen a spike in rent increases with a 10.7% yearly rise in the area as of August of this year which has attracted investors like Cardone to invest in properties throughout the area. As opposed to a year ago, apartment agreements have more than doubled to $18.5 billion.